Improbable Makes Big Strides Financially
Metaverse startup, Improbable, reported an 85% reduction in losses, crediting its intensified focus on creating metaverse experiences, according to a report from CNBC.
The Deets
- Improbable's revenue improved to $95 million.
- The company cut its fiscal losses by 85%.
- CEO Herman Narula told CNBC it was Improbable's "best financial year" yet.
- Advancements in AI enabled the firm to produce more with smaller team.
The Bulk
Improbable made significant strides in 2022 by shifting its attention towards the metaverse, most notably in collaboration with Yuga Labs and the development of the Otherside Metaverse.
In line with its metaverse vision, Improbable introduced MSquared - designed to be a collection of interoperable web3 metaverses. Thanks to a separate funding round, MSquared raised $150 million. Unlike traditional platforms, MSquared offers cloud streaming accessibility, eliminating the need for software downloads. This innovative approach has garnered attention from significant names, like Major League Baseball (MLB), resulting in partnerships for unique virtual experiences.
🎤 Founder Feedback
The model of a successful tech company in 2023... the optimal size is probably not that big. You probably want to think about much smaller companies overall.Herman Narula, CEO of Improbable to CNBC
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